David Mirvish has confirmed that Honest Ed's (the discount
department store that was put up for sale this past summer) has been sold to
Vancouver-based developer Westbank Properties.
Honest Ed's was opened over seven decades ago by David
Mirvish's father Ed. The iconic discounter fills a city block at the corner of
Bloor and Bathurst Streets. Known for it's flashy outdoor signs, annual
Christmas turkey giveaway, and cheeky handmade instore signage, Honest Ed's had
become a Toronto institution.
This past July it was reported that the store was beingoffered for sale for $100 million, and that David Mirvish would concentrate his
energies on Mirvish Productions and a Frank Gehry designed redevelopment of his
King Street properties.
Buyer Westbank is known as a luxury developer and was behind
Toronto's Shangri-La Hotel. No
plans for the site were announced, but Mirvish confirmed to media that the
store will remain open for up to three years while the plans are finalized.
Also included in the deal are properties along Markham
Street in the area known as Mirvish
Village. This street is a unique
collection of small retailers and restaurants and it's expected it will be
affected by the redevelopment.
 |
| The Mirvish property at Bloor and Bathurst |
[Image via Honest Ed's, map via Google Maps]
